By Terryn Shiells, Commodity News Service Canada
Winnipeg, March 23 – Canola contracts on the ICE Futures Canada platform were moving higher Monday morning, following the advances seen in Chicago soybean and soyoil futures.
Spillover support also came from the advances seen in Malaysian palm oil and European rapeseed futures overnight, analysts said.
Some technical based buying and the need to build weather premiums into the market ahead of spring seeding in Western Canada added to the bullish tone.
However, the upswing in the value of the Canadian dollar limited the gains, as it made canola less attractive to crushers and exporters.
The large global oilseed supply situation was also overhanging the canola market.
As of 8:50 CDT Monday, about 5,400 contracts had traded. Spreading was a feature of the activity.
Milling wheat, durum and barley futures were untraded following price revisions after Friday’s close.
Prices in Canadian dollars per metric ton at 8:50 CDT:
